The net asset value of EfTEN Real Estate Fund AS shares as of 31.01.2026

EfTEN Real Estate Fund AS earned consolidated rental income of €2,738 thousand in January. In the previous month, December 2025, the Fund earned rental income of €2,956 thousand, which included higher year-end turnover rents in shopping centers in the amount of €241 thousand. Excluding this effect, rental income from the Fund’s real estate portfolio increased by €22 thousand, mainly as a result of higher occupancy and contractual rent indexations.

The Fund’s consolidated EBITDA amounted to €2,244 thousand in January (December 2025: €2,355 thousand).

Compared to January 2025, the Fund’s consolidated rental income increased by 7.1% (€182 thousand) and EBITDA by 9.8% (€201 thousand). Of the increase in EBITDA, €85 thousand was attributable to new investments in the Fund’s real estate portfolio – the Härgmäe and Paemurru logistics centres as well as developments and acquisitions in the elderly care segment. The remaining increase in EBITDA was driven by higher occupancy in the office segment, the expiry of rent discounts in the logistics segment, as well as improved performance results and rent indexations in shopping centers.

The weighted average interest rate on the loans of the Fund’s subsidiaries was 4.0% in January. Compared to January of the previous year, interest expenses on the Fund’s subsidiaries’ bank loans decreased by 18%.

The Fund’s consolidated cash balance increased by €1,433 thousand in January, reaching €21,710 thousand as at 31 January 2026, including short-term deposits.

The Fund’s net asset value per share as at 31 January 2026 was €20.4598 and EPRA NRV €21.4134. The net asset value per share increased by a customary 0.7% during January.

Marilin Hein
CFO
Phone [phone]
E-mail: [e-mail]

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• EREF_reports_monthly_01.2026